My Multiple Streams of Income

You know that one friend who always has a new hobby? One month they’re into rock-climbing, the next it’s crocheting, then they have an orchid-growing phase, spoken word poetry, CrossFit, and so on?

Well, that’s kind of how I’ve been with income streams.

I’ve tried multiple streams of income, learning how to successfully build wealth in a way that fits my lifestyle and makes me happy (not stressed). Not all of them have worked out and I’ve let go of some of them, but I’ve learned a lot along the way.

Today, I’m going to share my stories of trying out different income streams – the good and the bad.

The Benefits of Multiple Streams of Income

First, I want to explain why you should have multiple streams of income:

1) Enhanced Financial Security

By having multiple sources of income, you’re better equipped to handle financial challenges that may arise. If one stream is disrupted, others can continue to provide a steady cash flow, ensuring stability and reducing the impact of unexpected events.

2) Increased Wealth-Building Opportunities

Multiple streams of income open up possibilities for wealth creation and accelerated financial growth. Each additional income stream offers a chance to invest, save, or allocate funds strategically, thereby compounding wealth over time.

3) Flexibility and Freedom

Diversifying income streams can also provide a sense of freedom and flexibility. With more control over their finances, you can choose to pursue passion projects, explore new business ventures, or take time off without sacrificing their financial stability.

4) Skill Development and Personal Growth

Engaging in different income-generating activities allows you to acquire new skills, broaden their knowledge base, and gain valuable experience. This continuous learning and personal growth contribute to both professional and personal development.

My Multiple Streams of Income

Now, let me walk you through the multiple streams of income I’ve had.

1) Traditional Job

I’m not going to spend too much time on this one, since I’m sure you’re familiar with the concept. But there are a few unique advantages to this income stream, like a consistent, dependable salary and an employer-sponsored 401(k).

Having a traditional job is what I did fresh out of college.

I also worked all the way through college, so I was really used to having a job. I’ve had a job since I got a job as a grocery store cashier when I was 13…and even before that, I did babysitting.

I worked all the way through college jobs and then I had my first real job after college.

A full-time job will often be people's primary source of income but you may want to expand to additional sources of income.

2) My Own Business

My next source of income was starting my own business.

I started my first business as a relationship coach, helping women who weren't sure if they were in the right romantic relationship.

I would provide one-on-one coaching services, which eventually expanded into a group program. During this time, I was marketing my own services and working one-on-one with people as a service provider.

I really loved this work, and it was a really great, simple business to start with that taught me how to be an entrepreneur and coach.

However, it took a lot of time to become profitable; it was slow to make money in the beginning.

When I first started, I didn't know how to find new clients and I had a lot of business skills that I had to learn.

Enter, my third stream of income:

3) Side Hustles

I joined the gig economy as a driver for Postmates.

There are lots of different side hustles, and “side hustle” is a pretty broad term. It could be a side business that you start while you still have a job. It could be something like I did, which is joining the gig economy. It could be getting a part-time job somewhere else.

I really loved having something that was flexible, meaning when I had time, I could go do it.

I wasn’t guaranteed to make income like with a set salary from a traditional job, but as long as I worked, money was still pretty steady, plus I didn't have a strict schedule with a boss counting on me to show up at a particular time.

So, I drove for Postmates when I wasn’t making enough money in my business yet, but I really wanted my own business to be where most of my energy was going.

4) Real Estate Investments

Real estate can be a lucrative source of income, whether through rental properties, property flipping, or real estate investment trusts (REITs). Investing in real estate can provide both regular rental income and long-term capital appreciation.

I’ve invested in real estate in multiple different ways over time.

I started with a physical rental property that my husband and I owned. We bought a triplex, lived in one of those units, and rented out the other two. The rent from the other two units covered our mortgage, meaning we got to live there rent-free while the value of the property appreciated.

Then we moved out of state. We continued to run the rental property for about another year, but found out it isn’t fun to try and manage a property from so far away.

So, we ended up selling our property, and now I invest in real estate in more passive forms: through real estate syndicates and crowd-sourced real estate deals like on Crowd Street.

So there's lots of different ways you can invest in real estate and have it be quite passive, such as investing in real estate investment trusts (REITs).

This is almost like buying a stock that's made up of real estate investments.

So there's lots of different ways to invest in real estate that doesn't actually necessarily require you to go own the physical building be the one that fixes the toilet when it's broken.

I’ve invested in real estate two different ways: owning a rental property and investing in REITs.

5) Stock Investments and Investments

Investing in stocks, bonds, or mutual funds can be a way to generate passive income through dividends, capital gains, or interest payments.

There are some huge advantages to investing in the stock market, such as the potential for long-term growth.

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Historically, the stock market has shown 7-10% returns on average per year since its inception.

Plus, you can also get really diversified investments.

Also, it’s very easy to invest in a wide range of companies in like the click of a button, so it's a very fast way to get invested and diversify.

And at this point in time, all of my investments in the stock market are either investments where I'm waiting for the asset to appreciate. One day we'll sell it, but I invest for the long-term, so no rush.

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Or, they’re assets that are issuing dividends, which means I get money from the investment. But at this point in my life, I'm simply reinvesting that money rather than taking those dividends and cashing them out to live off, but that is an option.

All right, these next sources of income are from different sources inside of my business.

6) Online Course

I’ve had a couple of different businesses over time. The most successful businesses have been online course businesses, meaning I’ve packaged something that I know that will help other people into a step-by-step course, like we have the Million Dollar Year.

I really love online courses. They’re not really passive income in the form in the way that people think of. They can be, but to really learn how to sell that product is not passive and requires a lot of work.

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That's a skill that I built up, so that I was able to reach a lot of people with my online courses.

But these are cost-effective way for being able to deliver your expertise.

Personally, I started off doing one-on-one coaching, then I did small group programs. Over time, I realized I was saying the same things over and over again, and I eventually packaged what I was always saying to my clients into a step-by-step course and started selling access to that course.

7) Affiliate Marketing

We don't do a lot of this right now, but affiliate marketing is when you promote products or services of other companies and earn a commission for each successful referral or sale you generate.

For instance, you could be an Instagram influencer who’s sharing a new beverage. The beverage company may give you a specific link and pay you based on how many people click on or buy from that link.

One of the partnerships we have is with a company called Capitalize that does this great service, making it very easy to find your old 401k accounts.

It doesn't cost anything to the end customer, and Capitalize pays us a small commission when someone uses our link.

Those sorts of affiliate partnerships are another way that we diversify our income streams.

If you have any sort of platform – a blog, social media, or YouTube channel – then this could be a good way to earn money talking about products and services you already love.

And speaking of…

8) YouTube

With every YouTube video we publish, we earn ad revenue money.

Earning ad revenue is great because we’re publishing content anyway; it’s nice to make money for it.

We don't do it for the money, but it's really great to be able to earn some passive income from these videos. I think of each video as a little asset that's out there.

But there are people who make YouTube their full-time career by getting  brand sponsorships and affiliate links to earn additional income.

9) Investing in Other People’s Businesses

This last stream of income, I'm a little reluctant to even call a stream of income, because for me, it has not been profitable. But I have experimented with investing in other people's businesses.

I have a little bit of venture capital money invested in another company.

Early on, when I was first starting my investment journey, I invested in a company that sounded so good…and it was too good to be true. I lost that entire investment.

Now, I'm very cautious when I invest in other people's businesses.

I want to make sure it's a business I really understand, I know exactly how I'm going to get my money out, and I believe in the people running that company to do it.

But I'm much more likely to just invest in my own business at this point or in much more proven investments, like stocks and bonds and real estate.

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Ready to Build Additional Income Streams?

To create financial stability and independence, embracing multiple streams of income is crucial. Diversifying your income portfolio not only provides a safety net but also unlocks opportunities for wealth creation, personal growth, and enhanced flexibility.

By exploring various income streams, you can embark on a path toward financial freedom, empowering yourself to build a prosperous future.

If you want to learn more about building wealth and creating long-term financial security, check out our free masterclass! We’ll give you our proven system for managing money and share the secrets of successful investors.